Glossary
Mark price is the reference price used for margin, unrealised PnL and liquidation — not the last trade.
In short
Mark price is a smoothed reference derived from oracle and book data, used to value positions and trigger liquidations. It exists so that a thin-book wick on the last-traded price cannot liquidate otherwise healthy positions.
Your unrealised PnL and liquidation distance are computed from mark price, so a chart candle that touches your notional liquidation level does not necessarily liquidate you — and vice versa.
When reviewing a leader's history, entry and exit prices come from fills while margin health came from mark price. The two describe different things.
Questions
Mark price, against your maintenance margin requirement.
It is designed to resist single-venue wicks, which is exactly why it is used for margin.
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